De Beers’ fully distributed diamond blockchain initiative, Tracr™ Limited, has entered into a collaboration agreement with Sarine Technologies Limited, allowing both parties to provide scalable, cost-effective, and improved verification services for tracing diamonds from their origin.
This partnership will facilitate algorithm-driven matching of diamonds on a large scale, beginning at the source. Each company will leverage its unique strengths to enhance process efficiency and eliminate the need for repetitive steps by current stakeholders. By integrating Tracr’s blockchain technology with Sarine’s diamond scanning solutions, along with their advanced diamond identification and matching algorithms, this collaboration aims to develop a connection between Tracr’s platform and Sarine’s cloud, which will enable, contingent on participant approval, the seamless coordination of diamond data at various points in a registered diamond’s journey.
A significant advantage of this collaboration will be the provision of objective verification regarding the timeline of a diamond from its rough supply at the producer to its polished production at the manufacturer, using confirmed diamond scanning data.
With De Beers registering a single country of origin for all rough diamonds weighing over one carat, this solution also has the potential to serve as a customs service to support the traceability of a diamond’s origins as it moves across international boundaries, in accordance with the G7 Diamond Protocol requirements.
Wesley Tucker, CEO of Tracr, stated: “By connecting our blockchain technology with Sarine’s state-of-the-art precision technology, we are developing a new, economically viable, and highly scalable solution that can be implemented rapidly.”
David Block, CEO of Sarine Technologies, remarked: “We are confident that this collaboration will significantly improve the critical ability to trace diamonds back to their origins, offering the industry greater transparency and providing consumers with increased assurance.”